"The range of 10,300-10,500 levels for the Nifty will be crucial in the current expiry and the move is expected to remain volatile along with negative movement, as indicated by option open interest concentration," says Shitij Gandhi of SMC Global Securities Ltd.

We expect a near-term bounce in the index; however, such bounce will not lead to a significant trend reversal and any up move towards 10400-10480 levels can be used to exit from trading long positions.

The Nifty50 is likely to open with a gap on the higher side on Thursday tracking SGX Nifty which was signaling an up move of over 70 points in morning trade. The index closed 21 points lower at 10,476.